Mallya claims Non Residency status to shield his overseas assets

Millionaire defaulter Vijay Mallya has claimed the privilege of Non Residency to avoid disclosing his overseas asset. Mallya, a Rajya Sabha MP and a wilful defaulter with a debt of Rs 9000 crore intimated that domestic disclosure about foreign asset holding is not needed for NRIs.

The Kingfisher high flier has also indicated that none of his family members need to disclose their assets in front of banks. His children are US citizens and wife is an NRI.

Mallya though submitted an assessment of the entire assets of his family abroad and made it at around Rs 780 crore in front of the Supreme Court.

The Bangalore base billionaire was responding to the Supreme Court’s request for disclosing his asset in India and abroad.

The new NRI status claimed by Mallya will make the government’s position weak as he may continue as NRI and may evade many of the penal action against him. Further slowing of procedures may strengthen Mallya’s defense.